My divorce was final in April 2021 and our shared investment account was subsequently split in half. But I received 1099-B, DIV, OID, and INT from Schwab for the months before the shared account was split up and closed. Using TurboTax, how do I allocate half of that income to my ex-spouse and reflect that in my own tax return to lower my tax liability accordingly?
This is off the top of my head and I welcome other opinions. You could report duplicate INT and DIV forms entering the amount you want to correct as a minus. I haven’t tried it so I don’t know if the program will accept a negative value. Unfortunately you can’t attach an explanatory statement to your efiled return with TurboTax.
Just tried to enter a negative number for 1099 DIV. TurboTax would not accept it. Has to be a number greater than zero. thanks for suggestion though.
These 2 answers have resolved the issue for me. Now I just have to wait for the IRS to send me paper copies of 1099-B, DIV, INT, and OID to send to ex-wife - because their pdf version cannot be scanned (but the hand-filled pre-printed one can, go figure)